The Gem & Jewellery Export Promotion Council (GJEPC), representing India’s global gem & jewellery trade, has proposed several recommendations to the government ahead of the upcoming budget.
The upcoming Union Budget for the fiscal year 2024-2025, scheduled to be presented on February 1, has garnered specific expectations from leaders within India’s gems and jewellery sector.
The stakeholders in the industry have articulated their wishlist for Finance Minister Nirmala Sitharaman, encompassing key considerations such as a reduction in import duties on gold and silver and the introduction of a Diamond Imprest License, among many others.
India’s gem and jewellery industry heavily relies on imports for its raw materials, including gold, diamonds, silver, and colored gemstones. This thriving industry sustains approximately 4.3 million jobs, contributes about 10% to the country’s merchandise exports, and significantly impacts the overall economic growth.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
